Over time, the worth of a house will go up and down.
Over a long enough period of time, home values generally go up.
But, in real estate there is always a certain amount of risk.
When your home appreciates you have more resources to borrow against, and you'll make a higher profit when you sell.
Property values in Burlington change for numerous reasons, so how do you know what you're purchasing today won't depreciate the day after you close?
The most important aspect to consider is that you choose an agent in Burlington who is familiar with the factors that influence local prices.
Many think that the economy is the biggest factor impacting real estate appreciation.
there are a handful of factors on a national level that adjust your home's value: unemployment, interest rates, inflation, and more.
But the most significant factors that decide your home's value depend on the local Burlington economy and housing market.
Access to services - People typically want homes in the areas with the best and most convenient places we go often or everyday, like our work and schools.
So when it comes to keeping their value, these areas usually appreciate better than others.
Recent home sales - You should receive data on the recent real estate sales in the neighborhoods that you're interested in from your agent. You'll want to learn data like time on market and asking price as opposed to selling price.
Appreciation history - Have home prices increased or decreased over the last 5-10 years? Is the community thought of as desirable because of its location or affordability?
Economic factors - Have businesses moved into or away from an area? Are local businesses hiring? Is there a fair combination of business in an area, or does it depend on just one industry?
These items play a part.
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